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Displaying results 1 to 6 of 6.

  1. How does international capital flow?
    Author: Kumhof, Michael; Phurichai Rungcharoenkitkul; Sokol, Andrej
    Published: 2020
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 546
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 890 (October 2020)
    Subjects: bank lending; money creation; money demand; uncovered interest parity; exchange rate determination; international capital flows; gross capital flows
    Scope: 1 Online-Ressource (circa 68 Seiten), Illustrationen
  2. Financial innovation, payment choice and cash demand
    causal evidence from the staggered introduction of contactless debit cards
    Author: Brown, Martin; Hentschel, Nicole; Mettler, Hannes; Stix, Helmut
    Published: [2020]
    Publisher:  OeNB, Oesterreichische Nationalbank, Vienna, Austria

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 552
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/264822
    Edition: This draft: April 20, 2020
    Series: Working paper / OeNB, Oesterreichische Nationalbank ; 230
    Subjects: Financial innovation; cash; money demand; payment choice; pre-analysis plan
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  3. The demand for safe liquid assets and the implications of issuing a Central Bank Digital Currency for bank funding instruments
    Author: Müller, Carola
    Published: [2020]
    Publisher:  Norges Bank, Oslo

    The pros and cons of issuing a Central Bank Digital Currency (CBDC) is currently debated by Norges Bank and other central banks. A CBDC would grant access to the central bank balance sheet to a broader set of economic agents, including for example... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 674
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    The pros and cons of issuing a Central Bank Digital Currency (CBDC) is currently debated by Norges Bank and other central banks. A CBDC would grant access to the central bank balance sheet to a broader set of economic agents, including for example companies or individuals. How such access would be designed or administered are topics of the discussion. One dimension to consider is the potential impact on the stability of the financial system through the effect of CBDC issuance on bank funding markets. This article provides an overview on research related to the demand for financial institutions' funding instruments and derives implications for the issuance of a CBDC. A key message is that CBDC has the potential to substantially crowd out bank funding instruments due to its superior safety features.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9788283791716
    Other identifier:
    hdl: 11250/2690368
    hdl: 10419/246151
    Series: Staff memo / Norges Bank ; no. 2020, 8
    Subjects: Central bank digital currencies; safe assets; bank funding markets; financial stability; money demand
    Scope: 1 Online-Ressource (circa 26 Seiten)
  4. How does international capital flow?
    Author: Kumhof, Michael; Phurichai Rungcharoenkitkul; Sokol, Andrej
    Published: November 2020
    Publisher:  Verein für Socialpolitik, [Köln]

    Understanding gross capital flows is increasingly viewed as crucial for both macroeconomic and financial stability policies, but theory is lagging behind many key policy debates. We fill this gap by developing a two-country DSGE model that tracks... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DSM 13
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    Understanding gross capital flows is increasingly viewed as crucial for both macroeconomic and financial stability policies, but theory is lagging behind many key policy debates. We fill this gap by developing a two-country DSGE model that tracks domestic and cross-border gross positions between banks and households, with explicit settlement of all transactions through banks. We formalise the conceptual distinction between cross-border saving and financing, which often move in opposite directions in response to shocks. This matters for at least four policy debates. First, current accounts are poor indicators of financial vulnerability, because in a crisis, creditors stop financing debt rather than current accounts, and because following a crisis, current accounts are not the primary channel through which balance sheets adjust. Second, we reinterpret the global saving glut hypothesis by arguing that US households do not finance current account deficits with foreigners' physical saving, but with digital purchasing power, created by banks that are more likely to be domestic than foreign. Third, Triffin's current account dilemma is not in fact a dilemma, because the creation of additional US dollars requires dollar credit creation by US and non-US banks rather than US current account deficits. Finally, we demonstrate that the observed high correlation of gross capital inflows and outflows is overwhelmingly an automatic consequence of double entry bookkeeping, rather than the result of two separate sets of economic decisions.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/242328
    Edition: This is an updated version of the Staff Working Paper originally published on 21 August 2020
    Series: Jahrestagung 2021 / Verein für Socialpolitik ; 21
    Staff working paper / Bank of England ; no. 884
    Subjects: Bank lending; money creation; money demand; uncovered interest parity; exchange ratedetermination; international capital flows; gross capital flows
    Scope: 1 Online-Ressource (circa 67 Seiten), Illustrationen
  5. Financial innovation, payment choice and cash demand
    causal evidence from the staggered Introduction of contactless debit cards
    Author: Brown, Martin; Hentschel, Nicole; Mettler, Hannes; Stix, Helmut
    Published: April 20, 2020
    Publisher:  School of Finance, University of St. Gallen, St. Gallen

    We examine how an innovation in payment technology impacts on consumer payment choice and cash demand. We study the staggered introduction of contactless debit cards between 2016-2018. The timing of access to the contactless technology is... more

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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 314
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    We examine how an innovation in payment technology impacts on consumer payment choice and cash demand. We study the staggered introduction of contactless debit cards between 2016-2018. The timing of access to the contactless technology is quasi-random across clients, depending only on the expiry date of the existing debit card. Our analysis is based on administrative data for over 21'000 bank clients and follows a pre-analysis plan. Average treatment effects show that the receipt of a contactless card increases the use of debit cards especially for small-value payments. However, we find only a moderate average reduction in the cash share of payments and no reduction of average cash demand. Treatment effects on payment choice are strongest among consumers with an intermediate pre-treatment use of cash. Explorative analyses reveal that effects are largely driven by young consumers in urban locations

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Edition: This draft: April 20, 2020
    Series: Working papers on finance ; no. 2020, 02
    University of St.Gallen, School of Finance Research Paper ; No. 2020/02
    Subjects: Financial innovation; cash; money demand; payment choice; pre-analysis plan
    Scope: 1 Online-Ressource (circa 57 Seiten), Illustrationen
  6. Banks, money, and the zero lower bound on deposit rates
    Author: Kumhof, Michael; Wang, Xuan
    Published: [2020]
    Publisher:  Tinbergen Institute, Amsterdam, The Netherlands

    We develop a New Keynesian model where all payments between agents require bank deposits through deposits-in-advance constraints, bank deposits are created through disbursement of bank loans, and banks face a convex lending cost. At the zero lower... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    DS 432
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    We develop a New Keynesian model where all payments between agents require bank deposits through deposits-in-advance constraints, bank deposits are created through disbursement of bank loans, and banks face a convex lending cost. At the zero lower bound on deposit rates (ZLBD), changes in policy rates affect activity through both real interest rates and banks' net interest margins (NIM). At estimated credit supply elasticities, the Phillips curve is very flat at the ZLBD, because inflationary pressures increase NIM. This strongly increases credit and thereby output, but it dampens inflation by relaxing price setters' credit rationing constraint. At the ZLBD, monetary policy has far larger effects on output relative to inflation, and Taylor rules stabilize output less effectively than rules that also respond to credit. For post-COVID-19 policy, this suggests urgency in returning inflation to targets, avoidance of negative policy rates, and a strong influence of credit conditions on rate setting.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/229670
    Series: Array ; TI 2020, 050
    Subjects: Banks; money creation; inside money; money demand; deposits-in-advance; Phillipscurve; zero lower bound; monetary policy rules; Taylor rules; post-COVID-19 reforms
    Scope: 1 Online-Ressource (circa 43 Seiten), Illustrationen